A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist.
, respectively, while Asian stocks ex-Japan will be looking to rise for a fourth day in a row - a winning streak not seen for two months.this year, triggering downward revisions to GDP growth estimates, widespread underperformance of Chinese assets, and increasing calls for fiscal and monetary stimulus.
China's economic surprises index shows just how much recent data have undershot analysts' expectations - it is deeply negative, tumbling fast, and at its lowest in six months. Service sector activity, however, has held up reasonably well and has expanded every month this year, according to the PMI data. A solid number could help soothe investors' concerns.
The yuan rose to a one-week high against the dollar on Tuesday as the central bank fixed the currency higher and major state banks again lowered their dollar deposit rates as authorities stepped up efforts to arrest the yuan's slide.China abruptly announced on Monday a series of curbs from Aug. 1 on exports of some metals widely used in semiconductors and electric vehicles, ramping up a trade war and potentially causing more disruption to global supply chains.
Aussie bulls latched onto the RBA's warning that further tightening might be needed to tame inflation, and overnight swaps are still pointing to almost 50 basis points of further tightening this year.- China, Japan, India, Australia services PMIs
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